|
Streets CIP Funds
<br /> Table 5A summarizes the FY 2017/18 activity for the Streets CIP Funds. Actual
<br /> revenues were less than the adjusted budget by $2.7 million primarily due to the
<br /> following revenues not received in FY 2017/18 most of which are expected to be
<br /> received in FY 2018/19: Traffic Impact Fees, Gas Tax, and Grant funds. Actual
<br /> expenditures were less than the adjusted budget by $21.6 million. The majority of the
<br /> expenditure variance is due to budgeted projects not completed during the fiscal year
<br /> and the accumulation of project reserves of $6.4 million all of which have been carried
<br /> forward to the FY 2018/19 as presented in Table 5B.
<br /> Staff is recommending through this Report that Council approve additional revenue
<br /> transfers out, and expenditure budget amendments totaling $239,735, ($422,609), and
<br /> $217,588 respectively as shown in Tables 5A. The recommended budget amendments
<br /> are the following:
<br /> • Net increase in revenue budget of $239,735 to account for actual federal
<br /> reimbursements.
<br /> • Net decrease in transfers in of $422,609 that reflects Vineyard Avenue
<br /> Special Area Plan fees received that were transferred out to the Water CIP
<br /> fund to repay it for the loan made to construct water system improvements
<br /> required to develop the area.
<br /> • Increase in expenditure budget of $217,588 related to bridge, curb and gutter
<br /> and street resurfacing construction contracts that exceeded the budget.
<br /> Table 5A - Streets CIP Funds Adjusted Budget to Actual Revenues, Transfers &
<br /> Expenditures/Reserves
<br /> Recommended
<br /> Year-End
<br /> Amended Budget Adjusted $
<br /> Streets CIP Funds Budget Amendments Budget Actual Variance Variance
<br /> Beginning Fund Balance $33,549.946 $33.549.946 $33,549.946
<br /> Revenues 10,450,784 239,735 10,690,519 7,997,289 ($2,693,230) -25.2%
<br /> Transfers In/(Out) 2,500,000 (422,609) 2,077,391 2,077.391 -
<br /> Expenditures 34,445,744 217,588 34,663,332 13,013,558 (21,649,775) -62.5%
<br /> Ending Fund Balance $12,054,986 ($400,462) $11,654,524 $30,611,068 $18,956,544
<br /> 8
<br />
|